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论文编号：	1717
作者编号：	2120082432
上传时间：	2010/5/22 21:37:12
中文题目：	我国房地产行业并购及万科收购南都房地产案例研究
英文题目：	The Acquisition in China’s Real Estate Industry and A Case Study on Vanke’s Acquisition of NanDu
指导老师：	陈国欣
中文关键字：	企业并购；房地产行业；业绩分析；万科
英文关键字：	M&A；Real Estate Industry；Performance Appraisal；Vanke
中文摘要：	企业并购是一个深刻的过程，它涉及到主购企业与目标企业的方方面面，而且企业并购不可避免地引起行业发展进程和发展模式的改变；从更大的范围来看，企业并购可能会改变本国的竞争优势和产业地位。同时企业并购又是一个复杂的过程，它牵涉了企业的战略选择、企业文化、战略资源匹配与整合及财务评价等方面，还涉及到并购双方的市场结构、法律制度和消费习惯等内容。当前对于企业并购的研究主要侧重于并购的绩效和协同效应的测度上，这种研究方法为我们定量的分析问题提供了思考角度。但是选择一个具体的行业进行并购研究，则有助于我们从一个横断面来细致地观察并购的行业历史、特征和动因；从产业角度来阐述并购过程，也能够更系统地评价并购的影响和作用。 房地产行业是我国的支柱行业，2009年全国房地产交易额近6万亿，约占全国居民消费的半数，所以房地产行业并购研究有着现实意义。本文就是从我国房地产行业的并购，来分析房地产行业并购的特征与历史，来揭示地产行业并购的作用、动因、规模、区域和标的等，再具体地分析了万科收购南都房地产的案例，以此来分析并购企业的特征、并购动因、程序、风险和企业价值。 首先，本文对企业并购的类型、历史和理论进行了梳理，然后从企业并购实践分析了企业并购的过程，着重阐述了并购的程序及整合过程，并且对企业并购的动因和风险进行了概括，也为后续章节的分析提供了研究思路。其次，对房地产行业并购进行了深入的分析，从房地产行业的历史、行业特征、相关法规及并购的内外动因等角度进行了系统的阐述，从而让我们能够更加深入、具体地了解房地产行业并购的前因后果，特别是有助于我们了解我国房地产行业并购的规模、并购特征、标的、支付形式、转让方式和区域等特征。再次，是从万科收购南都的案例入手，分析了并购前企业的特征、并购的动因、过程和风险，并从财务指标、相对价值法、业界评价和证券市场反应等角度对该并购实践进行了业绩分析。最后，对本文进行了总结，反思了自身在研究过程中的不足和缺陷，对于下一步的研究方向提出建议。
英文摘要：	M&A is a comprehensive process,which involves all aspects of acquirer and targeted company’s business, and it inevitably reshape the whole industrial, incluing the industry development patterns and develoment model, it may even change competitive position of the a whole country.Meanwhile,M&A is also a complicated procedure,which not only include the firm's strategic selections,corporate culture,strategic resource matching and integration, financial evaluation,but also the market structure, legal system, consuming habits etc.Currently,most of study focused primarily on the performance appraisal and synergy effects of M&A ,research method of such kind provide a quantitative analysis tool,enable us to understand the effect of M&A from quantitative perspective. However, the study in a specific industry can help us observe a cross-section snapshot of industry’s M&A history,characteristics and dynamics, which enable us to evalute the role and effect of M&A more deeply and systematicly. Real estate industry is basestone of our economy, the trading volume has amounted to 6 trillion RMB in 2009,which is almost half of our domestic consumption .Through the study of China real estate industry, this article aims to reveal the characteristics,history,and practice of M&A in real estate industry.In the end, a case study of Vanke acquisition of Nan Dou Property will be performed, in order to clarify the characteristics,motives, procedures, risk and business valuation of M&A process. This paper inclued following segments, the first segment is the review of theory of M&A, in which we can find the whole M&A process, incluing the assessment of M&A, negotiation and implement processes, and I also analy the motives and risk for M&A,which provides a solid base for futher research. In the second segment, a thoroug research in the real estate industry will be conducted, and M&A was analyzed from different perspectives, like real estate history,characteristics, relevant laws ®ulations,and other internal and external driving forces. By doing this,we learned about the motives and results more deeply and soundly, moreover,it’s also helpful in the understanding of the scale，characeristics，target,payment,transfer mode, and regional characteristics of the M&A in real estate industry.In the third segment, Through a case study of Vanke acquisition of Nan Dou Property, we analyzed the characteristics of the pre-merger assessment, M&A motives, processes and risks, and also financial mothod, like the relative value method, the industry's assessment method, capital market reaction method, the purpose is to reveal how theory can be put into action. In the end, this article was summarized shortcomings and deficiencies , also, future research was suggested.
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